Japanese Firms Can Earn Carbon Credits Under Palau Deal
Per the agreement, both nations will select representatives to operate the so-called Joint Crediting Mechanism. Japan already has nine such bilateral offset agreements — with Mongolia, Bangladesh, Ethiopia, Indonesia, Kenya, the Maldives, Vietnam, Laos and Costa Rica — and wants the UN to count credits earned under these agreements towards its emissions reduction goals.
In other carbon offset news, PetroChina, the state-owned oil and gas company, bought 10,000 Chinese carbon offsets from wind power producer Longyuan in late November for 16 yuan ($2.62) each, which is six times higher than international prices.
The purchase, carried out on the China Beijing Environment Exchange, was the first Chinese Certified Emissions Reduction (CCER) transaction and happened a day after Beijing became the third Chinese city to launch a carbon trading program.
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